The cash records and bank statement for the month of may for steal magnolias inc. are shown below. How do you do the bank reconciliation and the journal entry at the bottom?

2:36 PM Fri Mar 19 22% k Chapter 4 Homework.docx The cash records and bank statement for the month of May for Steal Magnolias Inc are shown below. Steal Magnolias Cash Account Records May 1, 2021, to May 31, 2021 Cash Cash Balance Balance Cash Cash May 1, 2021+ Receipts Disbursements May 31, 2021 $5,370 $11,590 $11,680 $5,280 Cash Receipts Cash Disbursements Dat Date Desc e Check# Desc. Amount 5/3 Sales $ 1,370 5/7 471 Legal fees $ 1,210 5/10 Sales 1,800 5/12 Property 472 1,580 tax 5/17 Sales 2,430 5/15 473 Salaries 3,510 5/24 Sales 2,900 5/22 474 Advertising 1,410 5/31 Sales 3,090 5/30 Supplies 460 5/31 476 Salaries 3,510 $ 11,590 11,680 Amount 475 Member FDIC 7772854360 May 31, 2021 Ending Balance May 31, 2021 $6,471 P.O. Box 162647 Wachovia Bank Safefore, AL 74830 We ' Watch Ova Ya' (405) 369-CASH Account Holder: Steal Magnolias Account Number: 124 Laundering Way. Federal, PN 14834 Statement Date: Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits May 1, 2021 NO. Total NO Total $6,170 7 $9,672 9 $9.371 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc Date No. Amount Desc 5/4 $ 1,370 DEP 5/1 469 $ 460 CHK 5/11 1,800 DEP 5/2 470 340 CHK 1.21 5/18 2,430 DEP 5/9 471 CHK 0 5/20 1,100 NOTE 5/11 310 NSF 1,58 5/20 51 INT 5/12 472 CHK 0 3,51 5/25 2,900 DEP 5/18 473 CHK 0 5/31 21 INT 5/20 510 EFT 1.41 5/25 474 Daily Balance Date Amount 5/1 $ 5,710 5/2 5,370 5/4 6,740 5/9 5,530 5/11 7,020 5/12 5,440 5/18 4,360 CHK 5/20 5,001 2:36 PM Fri Mar 19 22% k Chapter 4 Homework.docx 5/31 SF 5/25 6,491 41 9.37 1 $ 9,672 5/31 $ 6,471 Desc DEP Customer deposit INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds NOTE Note collected EFT Electronic funds transfer Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Steal Magnolias for payment that should have been made on another account. Steal Magnolias Bank Reconciliation May 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation Date General Journal Debit Credit